Earlier this month, two industrial properties – a Ford site in Victoria and a cold-store warehouse in NSW – were acquired for the DALT fund in a $173.5 million deal.
The latest portfolio is 91 per cent occupied with an average lease expiry of 7.4 years. It is being sold to DALT for $269.4 million on a passing yield of 5.3 per cent.
The deal gives DALT, in which Dexus has an interest, access to a portfolio of properties off-market and delivers on its active acquisition and development mandate.
“These acquisitions continue to build on the Dexus Australian Logistics Trust’s strategy to acquire high quality and well-leased assets that deliver favourable total returns,” said Deborah Coakley, executive general manager for funds management at Dexus.
For Dexus, the transactions will add to its trading profits over the next two years as the assets are progressively sold down into the unlisted fund.